80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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pursui ng such cure to completion. The party who so fails or delays must immediately commence to cure, correct, or remedy such failure or delay, and shall complete such cure, correction or reedy with diligence. The injured party shall give written notice of default to the party ill default, specifying the default complained of by the injured party. Except as rcq ired to protect against further damages, the injured party May riot i l tittft proceedings against the party in default until thirty days after giving such notice. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. N twi nding the foregoing, for purposes of acceleration of the Homebuyer Assistance Loan, payment of the Note Amount including the Contingent quity participation Aniount, or initiation of foreclosure proceedings, there shall be a distinction between the types of default hereunder, including an "Ownership Default" and a "Maintenance Default ". 17.1 wnei -ship Default. The tern "Ownership Default" means the failure of the Homebuy r to perform any action or covenant required by the Affordable Housing Resale Restriction related to ownership, owner-occupancy, lien priority, and restrictions on sale and resale of the Property, subject to notice and an opportunity to ure as set f ith herein. A default of any obligation secured by the First Lien shall be a cross- default and also constitute all Ownership Default. 17.2 Maintenance Default. The tern "Maintenance Default' means the failure of the Homebuyer to perform any action or covenant required by the Affordable Housing Resale Restriction relating to a "Maintenance Deficiency," including the ongoing upkeep, maintenance, and use of the property in a decent, safe, sanitary, clean, and neighborly manner, subject to notice and an opportunity to cure as set forth herein and expressly excluding an Ownership Default). 18. Remedies. The Agency shall be entitled to all legal and equitable remedies available under the law upon the default of the terms of this Agreement by the Homebuyer. Stich remedies may include, without limitation, a specific performance of the terms of this Agreement, h disgorgement of any amount of consideration received for the Property that exceeds an Affordable Housing Cost, and/or c an order to pay attorneys" fees, as set forth in Section 30. 19, Non- waiver. Failure to exercise any right the Agency may have or be entitled to, in the event of default hereunder, shall not constitute a waiver of such right or any other right in the event of a subsequent default. 20, Documents. The Homeb Ayer is aware that the Agency has prepared certain documents to implement ent the Program and secure repayment of the Hoinebuyer Assistance Loan, The Ho ebuyer leas reviewed and agrees to execute the following documents in substantially the forin as attached hereto prior to receiving the Hornebuyer Assistance Loan, and any other documents reasonably required by the Agency or a participating entity to complete the transaction contemplated herein: ATTACH l NT N . 11 -1 Form ofHomebuyer Loan Agreement D OCSOC/I 400 i v 1 31200272 -0001